- A significant American financial services company, Cantor Fitzgerald, has announced the opening of a Bitcoin finance company with $2 billion in seed money.
At the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, Howard Lutnick, the company’s chairman and CEO, made the announcement. With $13.2 billion in assets under management, Cantor is a significant player in the worldwide financial industry. It is currently increasing its support for Bitcoin.
The press statement from the company, which was also released on July 27, states that the financial behemoth would start off with $2 billion in funding and has big ambitions for future expansion. The new program would provide investors leverage if they own the top cryptocurrency held by the company.
We are excited to assist in realizing Bitcoin’s full potential and to keep bridging the divide between conventional finance and digital assets, said Lutnick in the release.
Cantor Fitzgerald has stated that it will work with a few Bitcoin custodians to launch its business, however it has not yet disclosed which specific companies it will work with.
The CEO of Cantor at Bitcoin 2024
In his speech at the Nasvhille conference, Lutnick defended Tether Tether usdt -0.05% Tether, the historically contentious leading stablecoin issuer, calling the asset “incredibly well-capitalized” and highlighting its crucial position in the cryptocurrency industry. He emphasized how important stablecoins are to facilitating trade and preserving liquidity in the digital asset market.
In addition, Lutnick compared Bitcoin to gold in order to support the cryptocurrency’s unfettered international trade.
The company is one of the 24 principal dealers permitted to conduct business with the Federal Reserve Bank of New York, as stated in the press release.
Higher institutional investment has already been made possible by the launch of spot Bitcoin ETFs in the United States at the beginning of this year, and Cantor Fitzgerald’s financing division is expected to support this trend even further.
Trump’s Bitcoin 2024 pro-crypto keynote
In related news, former President Donald Trump vowed to maintain a national “stockpile” of Bitcoin and advised attendees of the Bitcoin 2024 conference to never sell their cryptocurrency.
In an effort to establish himself as a fervent supporter of the cryptocurrency sector, Trump also suggested the formation of a crypto advisory board to create advantageous rules and promised to remove the widely condemned U.S. Securities and Exchange Commission Chair Gary Gensler.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
